Major U.S. Energy Landholder Continues Accumulation Amidst 2 Trillion Won Stock Fluctuations

Between early and mid-April, Horizon Kinetics Asset Management repeatedly purchased Texas Pacific Land Corp. (NYSE: TPL) common shares on the open market, adding to its stake at prices in the $400 range. After these transactions, Horizon Kinetics directly holds about 3.43 million shares, valued at roughly $1.5 billion (about KRW 2 trillion). In its Schedule 13D/A filing, the total reported stake—including both direct and indirect holdings of Murray Stahl—was disclosed at around 10 million shares, with a footnote clarifying that Stahl does not directly make the investment decisions for securities managed by Horizon Kinetics.

In its February announcement of 2025 results, Texas Pacific Land reported record revenue, net income, and free cash flow. It raised its quarterly dividend by 12.5% to $0.60, sustaining expansions in its royalty, water resources, and land businesses. Meanwhile, following the death of Murray Stahl—CEO of Horizon Kinetics and a former director of Texas Pacific Land—KeyBanc has maintained an overweight rating on the stock with a $639 price target, citing the potential of its power generation and data center development, underscoring current stock volatility.

Originating from a trust established to liquidate lands after the 19th-century Texas & Pacific Railway bankruptcy, Texas Pacific Land has grown into one of the largest private landowners in the United States, owning approximately 880,000 acres in Texas. It does not operate oil fields directly; instead, it earns royalties on oil and gas production in the Permian Basin and collects fees from pipelines, power lines, roads, commercial leases, water treatment, and water sales. Recently, the company has been positioning data centers and power infrastructure on its land as new growth drivers.